Chocoladefabriken Lindt & Spruengli AG

LISN: XSWX (CHE)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CHF 45,462.00	Rnrpm	Kfgbcsnbt

Lindt Earnings: Swifter Recovery in North American EBIT Margin Leads to FVE Increase; Shares Pricey

Diana Radu

Mar 8, 2023

Lindt&Spruengli's, or Lindt's, 2022 annual result offered little surprise on the whole, with the wide-moat stock delivering EBIT of CHF 750 million and EPS of CHF 2,400, broadly aligning with our estimates. Still, with the North American operating margin improvement tracking ahead of our prior expectations, we increase our fair value estimate by 2.5% to CHF 84,000. A time value of money adjustment also contributes to our upwardly revised valuation. Lindt shares continue to screen expensively, trading at a price/fair value estimate of 1.21.

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